1 hr ago
InCred Equities Sees 39% Upside for GMM Pfaudler
InCred Equities believes GMM Pfaudler’s stock could rise further.
It gave the company’s shares a Buy rating and a target price of ₹1,829.
That target is about 39% above the reported price of ₹1,308.65.
The company makes industrial equipment and is expanding beyond chemicals and pharmaceuticals.
Its newer business areas include nuclear power, oil and gas, semiconductors, defense, water treatment, and metals and minerals.
GMM Pfaudler is also changing how it is organised and managed.
It plans to refinance debt, improve its tax structure and simplify its companies.
InCred expects revenue, EBITDA and adjusted profit to grow strongly through FY28F.
The brokerage says earlier problems such as weak demand, pressure on margins and high debt may be easing.
InCred Equities initiated a Buy rating on GMM Pfaudler with a target price of ₹1,829 per share.
The target implies 39% upside from the reported closing price of ₹1,308.65.
The brokerage expects revenue, EBITDA and adjusted PATAMI to grow at 11%, 19% and 38% CAGRs through FY28F.
GMM Pfaudler is diversifying into nuclear power, oil and gas, semiconductors, defense, water treatment, and metals and minerals.
The company is pursuing debt refinancing, tax optimization and entity simplification to improve EBITDA-to-PAT conversion.
- Who
- GMM Pfaudler Limited and InCred Equities.
- What
- InCred Equities initiated a Buy rating and set a ₹1,829 share-price target for GMM Pfaudler.
- Where
- GMM Pfaudler shares traded on the Bombay Stock Exchange.
- When
- The reported market data is from September 11, 2026; the forecast extends through FY28F.
- Why
- InCred cited diversification, a strong order pipeline, organisational restructuring, improved execution, debt refinancing and expected EBITDA growth.
Key facts
- Brokerage view
- Buy rating from InCred Equities
- Price target
- ₹1,829 per share
- Implied upside
- 39%
- Reported closing price
- ₹1,308.65 on September 11, 2026
- Market capitalisation
- ₹5,883.33 crore
- Growth forecast
- Revenue/EBITDA/adjusted PATAMI CAGRs of 11%/19%/38% through FY28F
- 52-week range
- ₹735.35 low on June 11, 2026, and ₹1,352 high on September 9, 2026
Quotes
InCred Equities
Brokerage issuing the analysis and investment recommendation
“Over last 3 years, GMM has experienced a chemical and pharma downcycle, subdued growth, margin pressure, higher debt burden, tax leakage, FX fluctuations. Now, with portfolio diversification, OB growth, margins bottoming out, the worst seems to be behind, expecting a Revenue/EBITDA/PATAMI CAGR of 11%/19%/38%.”
livemint.com
“We estimate GMM’s Revenue/EBITDA/Adj PATAMI to grow at an 11%/19%/38% CAGR till FY28F. We initiate BUY on GMM with a TP of INR 1,829 giving a 39% upside”
livemint.com
Sources
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